Economy of Comoros
Comoros is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Comoros may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Comoros exports around $0.02 billion and imports roughly $0.21 billion. 4.3% of population in the country are unemployed. The total number of unemployed people in Comoros is 35,791. In Comoros, 44.8% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Comoros is very high when compared with other nations. This situation is indicative of a variety of alarming economic and political factors. It is not advisable to make any investments in countries with this level of poverty. Government expenditure on education is 7.6% of GDP. The Gini Index of the country is 64.3. Comoros is experiencing bad inequality. The gap between the richest and poorest citizens in this country is plainly obvious and highly significant, resulting in a dramatically different standard of living for rich and poor citizens. Comoros has a Human Development Index (HDI) of 0.488. Comoros has a lower medium HDI score. This indicates that the majority of citizens will struggle to attain a desirable life due to flawed economic and social systems. The strength of legal rights index for Comoros is 6. Overall, it is considered to be rather adequate - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders at least decently; credit information is msotly sufficient and generally available.
Currency
The currency of Comoros is Comorian franc. The plural form of the word Comorian franc is francs. The symbol used for this currency is Fr, and it is abbreviated as KMF. The Comorian franc is divided into Centime; there are 100 in one franc.
Credit rating
The depth of credit information index for Comoros is 2, which means that information is usually insufficient, although still able to provide a certain degree of clarity; accesibility is still a major problem.
Central bank
The prime lending rate of Comoros's commercial banks is 10.5. In Comoros, the institution that manages the state's currency, money supply, and interest rates is called Central Bank of the Comoros. Locally, the central bank of Comoros is called Banque Centrale des Comores. The average deposit interest rate offered by local banks in Comoros is 1.8%.
Public debt
Comoros has a government debt of 0.4% of the country's Gross Domestic Product (GDP), as assessed in 2007.
Tax information
The corporate tax in Comoros is set at 35%. Personal income tax ranges from 5% to 15%, depending on your specific situation and income level. VAT in Comoros is 10%.
Finances
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Comoros is $1190 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Comoros was last recorded at $1 million. PPP in Comoros is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Comoros is 1 billion. Based on this statistic, Comoros is considered to have a small economy. Countries with small economies generally support less industries and opportunities for investment. However, worthwhile investment opportunities may be found. The Gross Domestic Product (GDP) per capita in Comoros was last recorded at $0 million. The average citizen in Comoros has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Comoros averaged 3.9% in 2014. According to this percentage, Comoros is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of Comoros.
Industry
Major industries in the country are fishing, tourism, perfume distillation. The total labor force of Comoros is 211,170 people, wherein 4.3% of population in the country are unemployed. The total number of unemployed people in Comoros is 35,791. The Industrial Production growth rate of Comoros is -2%.To read more about industrial information within Comoros click on industry of Comoros.
Agriculture
There are 778 km2 of arable land in Comoros, and it comprises 42% of the country's total territory. There are 1284 km2 of cultivated land in Comoros. The country's major agricultural crops and products are vanilla, cloves, ylang-ylang, perfume essences, copra, coconuts, bananas, cassava.To read more about agriculture click on agriculture of Comoros.